March 11, 2009

Back to the Uptick Rule

Daniel Aromi and Cecilia Caglio, economists at the SEC in Washington, said in a December report to former Chairman Christopher Cox that the so-called uptick rule was less effective when needed most, during panics that drive prices down and volatility up.

Who cares? We have to Do Something. Scapegoats must be found.

I'm about as persuaded about the uptick rule as I am that Global Warming is an urgent threat.